3. 2 Right-Sizing the VC Industry
Paul Kedrosky
Kauffman Foundation June 10, 2009
VC産業は1997年以降投資に見合った分
配をしていない。VC産業は2009年末には
10年利回りがマイナスに転じるだろう。
これは病的な状態であり、最終的に競争
力のあるリターンが得られる状態までVC産
業は縮小していくだろう。今がその段階にあ
るかもしれない。
7. 6
The Canarie is Dead
Something is Wrong
in Venture Capital
-Q3 2008-
8. STARTUP 2.0:
A SILICON VALLEY STORY
SOURCING, SELECTING & ENGINEERING BETTER STARTUPS
VIA INCUBATORS, METRICS & ITERATIVE DEVELOPMENT
Dave McClure, Founders Fund
China Mobile Internet Exec Reception
January2010
9. The New Face of Venture Capital
Part 2: Rise of Crowdfunding
A road-map for LPs and startups
Kevin Lawton
March 31, 2010
http://www.trendcaller.com/
14. 13 発表企業の投資家を見ると・・・
(source) CrunchBase. http://www.crunchbase.com/
Series A 4.1M$ Larry Augustin, Storm Ventures
2.1M$ unattributed
Series B 9M$ Sierra Ventures, eBay, Storm Ventures, Larry Augustin
Series A 600K$
Series B 4.4M$
Amazon, Madrona Venture Group, SoftTech VC, Bruce
Livingstone
unattributed 13.5M$ eBay
Series A 11M$ Benchmark Capital
Seed 20K$ Y Combinator
Seed 600K$ Sequoia Capital, Youniversity Ventures
Series A 7.2M$ Sequoia Capital, Greylock Partners, Youniversity Ventures
Angel 315K$ Spencer Ain, Judson Ain, Sean Meenan
Series A 1M$
Union Square Ventures, Caterina Fake, Stewart Butterfield,
Joshua Schachter, Albert Wenger
Series B NA Union Square Ventures
Series C 3.25M$ Union Square Ventures
Series D 27M$
Accel Partners, Union Square Ventures, Hubert Burda Media,
Acton Capital Partners
Series E 20M$
Index Ventures, Accel Partners, Hubert Burda Media, Acton
Capital Partners
Angel 1.4M$ Chris Michel, Michael Birch, Stan Chudnovsky, James Currier
エンジェルがエンジェルが
目につく目につく
15. Micro (Lean) Venture Capital14
HQ: Mountain View
Key: Paul Graham
HQ: San Francisco
Key: Robert May, Peter Thiel
HQ: Boulder, CO
Key: Brad Feld
HQ: Washington, DC
Key: Julius Genachowski
(old?) HQ: Pasadena, CA
Key: (Bill Gross)
Tom McGovern
16. Super Angel (Fund)15
(Ron Conway, David Lee)
Google, PayPal, Ask Jeeves, Digg,
Mint.com, Twitter
(Ron Conway: Angel)
Ron has served/serves on Boards/Advisory Boards
including: Twitter, Digg, Ask Jeeves,Facebook,
RockYou, ScanScout, Zappos, Trulia, Plaxo, etc.
(David Burwen)
Voicebase, Practice Fusion, GlobalMotion,
Vapore, Ustream
(Reid Hoffman: Angel)
Facebook, Flickr, Digg, Zynga,
Reid previously served as CEO of LinkedIn and
now he is a partner at Greylock Partners.
17. 16 Comments
1. Super Angel/Micro VC台頭の理由?
Management cost低下→少額増資で立ち上げ。
Legal Fee等の増資費用問題。
VC大型化による組織化・官僚化の弊害?。
The scalability of human networks?。
2. Super AngelとMicro VCの違い/棲み分け?
あいまい(アメリカ人は厳密な定義付けはしない)。
3. 彼らの限界は?
Series B+の大型ファイナンスへのつなぎ役。
EXIT:他のVC等より先にEXIT売却している訳ではない。
4. 日本への導入?
日本の新興VCはMicro VC的だが、EXITはIPO指向。
Incubator/Seed型の限界:資金、リスク、EXIT。
Super Angel???